Description of Miscellaneous Reconciliation Proposals By the Administration And Various House Committees Relating to Tax Treatment of Overseas Private Investment Corporation, Exclusions for Certain Overseas Allowances Received By Defense Department Person
Description of Miscellaneous Reconciliation Proposals By the Administration And Various House Committees Relating to Tax Treatment of Overseas Private Investment Corporation, Exclusions for Certain Overseas Allowances Received By Defense Department Person
United States. Congress. Joint Committee On Taxation
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Along with certain minor amendments, the bill modifies the limitations on expenditures from the Trust Fund to permit the President to waive the present-law expenditure limit of $500 million per incident. The bii: also would remove the present-law expenditure limit of $250 million on payments for natural resource damages. Under the bill individuals would be unable to recover claims for natural resource damages from the Trust Fund. However, such individuals could recover such claims from the part...y responsible for the oil spill or the international fund where appropriate. Proposal of the Conunittee on Merchant Ma r i ne and Fisheries^ The proposal of the Committee on Merchant Marine and Fisheries would modify present law to impose a tax rate of 2.0 cents per barrel whenever the Trust Fund balance is less than $250 million or whenever a repayable advance is outstanding. The proposal would increase the ceiling on collections from $300 million to $500 million. The tax would be automatically reinstated at the rate of 2.0 cents per barrel whenever the Trust Fund balance falls below $250 million and would be automatically reinstated at the rate of 1.3 cents per barrel whenever the Trust Fund balance falls below $500 million but is greater than $250 million.
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